Ann: Sale of 5GN Business and Capital Return, page-59

I think while we're in agreement you've misunderstood what I've said.

1) Joe will form a new company - offshore to to probably get around any subsequent ASIC probity issues. Let's call it "NewCo"
2) The board will support the sale and for $500K Joe's new company will acquire all assets, plus get some 'working capital' - which I'll take a bet is more than the cash price he's paying, plus there's some litigation liabilities that are now in some random foreign jurisdiction - it's an easy bet that its likely in Singapore.
3) 5GN then rolls up and shareholders get the residual crumbs.
4) NewCo immediately flips it's network operations and the security business (which lets remember they bought for $4M less than 12 months ago) either individually or as a parcel. They've already sorted the foreign investment stuff so it'll be an easy and reasonably frictionless transaction.
5) NewCo a private company now has cash from the sale - let's make an assumption they want to do a quick deal so it's a cash price discount but it would be easy to see a fire valuation of say $200M, plus some small liabilities/litigation.
6) The "board" of NewCo now resolve to distribute all free cash to shareholders, leaving only the liability/litigation and an otherwise empty shell.
7) The "board of NewCo now resolve to wind the company up.

Joe and the inner circle profit massively. Everyone else bends over. Because it's all happened out in some other jurisdiction Joe is safe from any future ASIC review.

Like I said previously my belief is the dominoes have already been lined up and there is already a buyer waiting for the unencumbered assets for the quick flip to occur.

@completelybroke is correct. Unless there is a competing offer or the independent expert does their job it's effectively a fait accompli and they'll get away with it.